A winter picture of Falck Renewables’ Okla Wind Farm in Norway. Source: Falck Renewables SpA.
February 25 (Renewables Now) - The Infrastructure Investments Fund (IIF), the JP Morgan-advised vehicle that agreed to buy a 60% stake in Italian renewable energy company Falck Renewables SpA (BIT:FKR) in October, has formally closed the transaction.
IIF acquired the shares from Italian firm Falck SpA for EUR 8.81 (USD 9.83) per unit in cash, leaving the seller with no shares in the renewable energy company.
The transaction was carried out by IIF-owned Green Bidco Srl, which will now launch a mandatory cash tender offer for the rest of the shares at the same price as well as a voluntary cash tender offer for a EUR-200-million convertible green bond due 2025.
As part of the arrangements, four members of Falck Renewables' board of directors have resigned and had their substitutes appointed on the same day. Olov Mikael Kramer succeeds Enrico Falck as the new executive chairman of the board of directors and member of the sustainable strategy committee.
John Hoskins Foster, Mark Alan Walters and Sneha Sinha will take the places of Federico Falck, Filippo Marchi and Guido Corbetta. John Hoskins Foster will also act as vice chairman, while Toni Volpe will remain as CEO.
The newly appointed directors will stay in office until April 28, 2022, the date of the next shareholders’ meeting.